Rankings Transport & logistics MPC Container Ships
MPC Container Ships
65
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Multiples vs own history−7
- Overcapacity−5
- Quality of growth−4
Strengths
- Contract coverage+3
- Solid balance sheet+1
How the score is built
From 100 to 65, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 26.52 NOK
- Median analyst target
- 33.04 NOK
- Upside to median
- +24.6%
- Analysts
- 3
- Target range
- 19.95 – 33.05 NOK
- 52-week change
- +51%
- P/E (trailing)
- 5.7
- Forward P/E
- 8.8
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 5 findings−16 of −30
- −3MarginOperating margin is still high at 38.8% (TTM), but falling from 55–56% in 2022–2023 and 47.5% in 2024; gross margin has fallen from 72.8% to 60.0%.
- −2ROICROIC has fallen from 51% in 2023 and 28.6% in 2024 to 18.1% – still reasonable, but the trend is clearly downward.
- −4Quality of growthRevenue has fallen from USD 711m in 2023 to 489m (TTM), and analysts expect -16% in 2026 to 436m; EPS has fallen four years in a row from 0.98 to USD 0.47.
- −4MoatPure tonnage lessor of feeder and mid-sized container ships with 40 employees; charter rates are set by the market, and average time charter earnings fell to USD 24,951/day from 26,247 a year earlier.
- −3Capital allocationDirected issue 30 June 2026 of 44.4m new shares at NOK 24 (about 10% dilution, USD 107m) to replenish cash after a fleet purchase; dividend per share has been cut from USD 0.42 (2024) to USD 0.23 (2025) and now USD 0.04 per quarter.
Price
Today's multiples against the company's own history and its peers. · 2 findings−10 of −35
- −7Multiples vs own historyForward P/E 9.2 vs 2.0–5.7 in 2021–2025, P/B 1.42 vs 0.77–1.01 in 2022–2025 and EV/EBITDA 5.1 vs 1.4–2.9 – the highest valuation since 2021, after +73% in a year and while earnings are falling.
- −3FCF yieldHistorical FCF yield 9.3%, but analysts expect negative free cash flow of about −USD 58m in 2026 because of newbuild payments.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−9 of −35
- −5OvercapacityThe global order book for container ships is at a record high of about 13.7–15.6m TEU (over 40% of the fleet) with delivery peaks in 2027–2028; the current tightness is partly due to rerouting around the Red Sea, which could disappear.
- −2Falling rates and revenueQ2 2026: revenue 116.9m USD (137.9) and gross operating profit 95.4m USD (107.4); adjusted EBITDA only 65.0m USD.
- −2Newbuilds and debt17 newbuildings on order, financed partly with a new secured loan of USD 375m for ten ships; Altman Z-score 2.86 is below 3.
Plus
Only documented strengths. · 2 findings+4 of +15
- +3Contract coverageCharter order book of USD 2.2bn with 99% coverage for 2026, 85% for 2027, 60% for 2028 and 39% for 2029.
- +1Solid balance sheet30 debt-free ships and a loan-to-value of 28.4%; net debt is only approx. USD 31m.
Caveats
What the score does not capture, or where the data is weak.
The Oslo listing (MPCC). Accounts in USD, price in NOK; stockanalysis' statistics page is converted to NOK, while the financial pages are in USD. The share count rose to 488m after the directed issue of 44.4m shares in July 2026, so TTM EPS is calculated on fewer shares. No deduction for insider trading or main shareholder MPC Capital's role as manager – not investigated. The price rise of +73% in a year is due partly to a tight charter market with rerouting around the Red Sea/Suez; a normalisation will release capacity. Q3 report 25 Nov 2026.
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